Bitcoin miner CleanSpark reported $26.2 million in revenue, missing the average estimate of $27.1 million. The non-GAAP net loss of $42.3 million was also worse than the estimate of $15.4 million for the three months ending in September.
"The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments," said CFO Gary A. Vecchiarelli in a statement. "Even then, our adjusted EBITDA was $65.7M , a 500% increase over the prior year, which represents the power and scale of our business model.
Adjusted Ebitda for the quarter of $2.9 million compared to the $4.3 million average analyst estimate compiled by FactSet.
The company was down about 5% in after-hours trading.
"Our business model and capital strategy continue to be standouts in our industry," said CEO Zach Bradford. "Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet."
Miners have been struggling with higher energy costs, greater mining difficulty and a slump in bitcoin prices and CleanSpark has been taking advantage of distressed assets, acquiring two facilities in Georgia and more than 18,000 machines.
The company has been particularly smart about its capital and is now reaping the benefits of not joining the rush to buy machines last year, Christopher Brendler, a senior research analyst with D.A. Davidson, told The Block last month.
In addition, the company reached its year-end hashrate guidance of 5.0 EH/s ahead of schedule in October, pushing it further to 5.5 EH/s.
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